Burlingame, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The global independent software vendors market size was valued at $302.25 billion in 2023 and is expected to reach US$ 747.08 billion by 2030, grow at a compound annual growth rate (CAGR) of 13.8% from 2023 to 2030, according to a new study conducted by Coherent Market Insights, Inc. Independent Software Vendors (ISVs) are organizations that are involved in development and distribution of software products for different industries. ISVs develop software solutions tailored to particular requirements, such as productivity tools, business applications, or specialized software. Independent software vendors operate independently of bigger software organizations and provide novel and niche solutions to cater specific needs of consumer.
Key Industry Insights & Findings from the report:
- In February 2021, IBM Corporation announced collaboration with HCL Technologies for advancements of the hybrid cloud journeys of companies around the world.
- In July 2021, Microsoft introduced Azure ISV Connect, a program that helps ISVs to boost their cloud services growth on the new Microsoft Azure Platform.
- Global independent software vendors market is expected to exhibit a CAGR of 13.8% during the forecast period. The independent software vendors market is growing rapidly in response to the digital transformation initiatives. Many companies are deploying technologies such as AI, cloud computing, IoT, and data analytics for driving innovations and enhancing their processes.
- On the basis of Software Type, Enterprise Resource Planning (ERP) Software Segment is expected to dominate the market during the forecast period and this is attributed to the broader applications of different company requirements.
- On the basis of Deployment Model, Cloud-based Software (SaaS) Segment is expected to dominate the market during the forecast period and this is attributed to the increasing adoption of cloud services due to various benefits of this technology.
- On the basis End User Industry, Retail Segment is expected to dominate the market during the forecast period and this is attributed to the expanding e-commerce sector.
- On the basis Company Size, Small and Medium-sized Enterprises (SMEs) Segment is expected to dominate the market over the forecast period and this is attributed to the high adoption of digital solution in small and medium sized enterprises.
- On the basis Software Licensing Model, Subscription Licensing Segment is expected to dominate the market during the forecast period and this is attributed to benefits of this model, such as it allows to pay monthly or annually fees of a software.
- On the basis of Geography, North America is expected to hold a dominant position over the forecast period, due to presence of highly developed and mature software industry, with a major number of independent software vendors functioning in the industry. Technology hubs such as Silicon Valley having technology giants also contribute to the growth of market in this region
Read full market research report, "Independent Software Vendors (ISVs) Market, By Software Type (Enterprise Resource Planning (ERP) Software, Customer Relationship Management (CRM) Software, and by Geography, Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030", published by Coherent Market Insights.
Key Trends and Analysis of the Global Independent Software Vendors Market:
Growing adoption of cloud computing and SaaS adoption is a major trend in the global independent software vendors market. Software as a Service (SaaS) and cloud computing model have gained major popularity in the software industry. Independent software vendors are inclining towards cloud-based solutions, which allows customers to access software services and applications remotely. This trend is likely to continue in the market further offering various advantages such as flexibility, scalability, and cost-efficiency for customers as well as ISVs.
Independent Software Vendors (ISVs) Market Report Coverage
| Report Attribute | Details |
| Market size value in 2022 | US$ 302.25 billion |
| Forecast Period: | 2023 to 2030 |
| Growth rate | CAGR of 13.8% from 2023 to 2030 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2021 |
| Forecast period | 2023 - 2030 |
Market Drivers:
Rise in demand for software solutions to boost the market growth
The need for software solutions is on the rise across various industries. Many businesses are relying increasingly on software for streamlining their operations, gain competitive edge, and improving efficiency. This demand is further driving the need for independent software vendors, as they can development and offer personalized software services and products to cater industry-specific needs. This is anticipated to boost growth of the global independent software vendors market during the forecast period.
Industry-specific software requirements to fuel the market pace
Different industries pose various software requirements for addressing their specific challenges as well as complying with industry regulations. Independent software vendors specialize in development of software solutions tailored for meeting such specific needs of industries. ISVs can develop software capable of addressing the demands and complexities of various industries including finance, healthcare, manufacturing, or retail.
Market Opportunities:
Demand for industry-specific solutions to create multiple opportunities in the global independent software vendors market over the forecast period. The demand for industry-specific software solutions catering unique requirements of different sectors such as finance, healthcare, retail, and manufacturing among others. Independent software vendors can capitalize on these opportunity through development of specialized software tailored to particular industries. Through understanding the challenges and intricacies of the every sector, ISVs will be able to develop targeted solutions addressing industry-specific compliance, requirements, and best practices.
Detailed Segmentation:
- Global Independent Software Vendors (ISVs) Market, By Software Type:
- Enterprise Resource Planning (ERP) Software
- Customer Relationship Management (CRM) Software
- Human Capital Management (HCM) Software
- Supply Chain Management (SCM) Software
- Business Intelligence (BI) and Analytics Software
- Collaboration and Communication Software
- Vertical-specific Software (e.g., healthcare, finance, manufacturing)
- Global Independent Software Vendors (ISVs) Market, By Deployment Model:
- On-Premises Software
- Cloud-based Software
- Hybrid Software
- Global Independent Software Vendors (ISVs) Market, , By End-User Industry:
- Healthcare
- Financial Services
- Manufacturing
- Retail
- Information Technology
- Government
- Education
- Others
- Global Independent Software Vendors (ISVs) Market, By Company Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
- Global Independent Software Vendors (ISVs) Market, By Software Licensing Model:
- Perpetual Licensing
- Subscription Licensing
- Freemium Models
- Usage-based Licensing
- Value-based Licensing
- Global Independent Software Vendors (ISVs) Market, By Geography:
- North America
- U.S.
- Canada
- Europe
- Germany
- Italy
- U.K.
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- Australia
- India
- ASEAN
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
- North America
Company Profiles:
- Splunk Inc.
- ServiceNow, Inc.
- VMware, Inc.
- Intuit Inc.
- Autodesk, Inc.
- IBM Corporation
- Adobe Inc.
- Salesforce.com, Inc.
- SAP SE
- Oracle Corporation
- Microsoft Corporation
- Atlassian Corporation Plc
- Red Hat, Inc. (part of IBM)
- Tableau Software (part of Salesforce.com, Inc.)
- Symantec Corporation (part of Broadcom Inc.),
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